Your condominium unit is partially covered by the condo association’s insurance. However, you’ll need to buy an individual condominium policy if you want to have full coverage of your unit’s interior and personal belongings.
Associations normally don’t insure residents’ possessions. On the other hand, structural insurance varies. The building owner might cover your fixtures and interior materials, or it may only insure the outer walls and siding.
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Loss Assessments
Regardless of how much insurance an association provides, it could require residents to pay a loss assessment when the building or a common area suffers serious damage. Fortunately, some individual condo policies reimburse occupants for these charges.
Personal Belongings
Basic condo insurance only covers things like fixtures, flooring, countertops, and cabinets. You should choose a plan that includes contents coverage if you want to protect possessions such as electronics, furniture, appliances, clothing, and cookware.
Reimbursement Limit
Different policies cap compensation at amounts as low as $30,000 or as high as $100,000. Lower limits apply to some items like cash and jewelry. You can pay extra to increase item-specific value caps.
Covered Events
Most condominium insurers cover damage caused by fire, smoke, hail, lightning, vandals, burglars, frozen pipes and explosions. Some disasters require separate coverage, such as earthquakes and flooding.
If your unit becomes unlivable due to one of the above-mentioned events, an insurer may provide the funds you need to temporarily reside elsewhere. For example, it could pay for a motel room and restaurant meals.
Liability Protection
Condominium insurance normally covers injury lawsuits as well. If an individual gets hurt while visiting your unit, an insurer can compensate the injured person up to a certain limit. The cost to increase this cap is usually small.
Finally
If you would to like to discuss your options for condominium insurance please call us at 561-732-9305. Our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.
